harmon in washington d.c. and here's what's coming up tonight on the big picture. conservatives has said no to gays but yes to guns at their annual see back conference next month i'll be there by the way so what happen to the party that was trying to be more inclusive and win over more americans and more into night politics and banks to make millions of dollars a year in salary sometimes billions so they really need a million dollar christmas bonuses to europe doesn't think so and they're doing something about it when will united states get on board. you need to know this congress doesn't do anything in the next ten days than eighty

five billion dollars would mediately be cut out of the federal budget which could seriously wound our economy this is what's referred to here in washington as the sequester today president obama went all harry truman and house republicans telling them out irresponsible it is the law of the sequester kick in just to preserve tax breaks and loopholes for millionaires and billionaires. so that republicans in congress face a simple choice are they willing to compromise to protect vital investments in education and health care and national security and all the jobs that depend on them or would they rather put hundreds of thousands of jobs and our entire economy at risk just to protect a few special interest tax loopholes that benefit only the wealthiest americans and biggest corporations or you will have teachers laid off or kids not have access to head start or deeper cuts in student loan programs. just because you want to

protect the special tax interest and loophole that the vast majority of americans don't benefit from that's the choice that's the question. for more on the president's speech today and what to do about the looming sequester i'm joined by the time it's politics panel pete had a c.e.o. of concerned veterans for america richard follow progressive strategist and host of the richard foller show and neil mccabe senior writer at human events on line good thank you all for joining us so what's congress going to do about the sequester i'm not long not sure where the president's in or harry truman was eighteen months ago this is lucia years ago or three years ago or four years ago we've known where we've known this problem this is been out there for a year and a half and frankly hasn't let up on it and instead is going around now on the campaign trail pushing out a balanced approach and a lot of nice rhetoric that works well politically but doesn't lead our selves to an actual solution on the problem at hand i don't which is the largest drivers of debt and deficit issues we're facing are not these discretionary cuts no ice i

thought i was going to say i don't it's not going well i don't know we can debate that but i don't recall any place in the constitution where says that the president is responsible for passing budgets well it's you know article one section it's pretty clear it's the congress that in fact it has to reject the house of representatives richard but i think you're completely right tom and i think that the reason why the president do all he can but what would this boils down to the fact that the republican party they've come up with one mission and one mission only to make for the present obama fails at all costs and they're willing to do anything including cuts happening in their own districts just to make this possible shows how retarded and stupid they are going to be. just make it to the middle this is this is this is and i completely agree with you tom just kidding also you're going to withdraw that remark you just made right this is your opportunity to say oh no are you going to use that word or are you going to are i draw those like i thought long word choice where the president was involved tom is when his people negotiated demanded

a sequester it was his idea when you say it was an intruder who said he got ninety eight percent of what he wanted he was a very icy man obama's team negotiating with congress asked for the sequester and sister. on defense cuts and the president and i had states signed the budget control act of two thousand and eleven and touted it during the campaign when obama said that he had already cut spending during the campaign against romney he included the ascott if you want to if you want a million. dollars whatever well i realize republicans don't want to take responsibility for what majority of republicans are over two hundred sixty republicans in the house of representatives voted for this they only one hundred fifty some odd democrats there were more republicans who voted for the never gratz president sign the did sign i get all that but to fix it yeah the constitution says the house of representatives has to originate spending and tax legislation or not or not they don't have to do in any case while there's no the cuts are made not

just in that case then the choice is up to john boehner whether he's going to have the sequester as it is pete you want to jump in i would argue the house the house has presented two bills on how to replace the sequester with reforms more and more more cuts only you add to the middle class and the working class that's a nice bonus you're marked on every effective way to politically frame it but when you're looking at are the better off just really first of all of course outside of that we really have let's really have this conversation first ever the republicans keep making this argument about why we have to go after untitled and that's a farce somebody just grow up and a farce we don't so security is not going to go bankrupt medicaid medicaid is not going to go bankrupt medicare is not going to go back to all those programs are fine one republican thing to do is get off they're going to be no no no no no you deal with the exam for rate of going up to the sacred cow which is defense spending where we put all this money that we really don't need to beg to differ also has a our discretionary budget tepper discretionary budget and twenty percent of the federal budget less than five percent of the. thought was your own ass since nine

eleven since nine eleven since nine eleven in time and program spending has gone up two and a half times that of defense that is the questions because that's always a great word a sign of depression or do you think i want you to. five million people i want him out of atlanta and george bush or five million people out of work those five thirty five billion have learned a lot over there was his daughter well you know as you know one of the bush great depression and the reality is getting millions of people to move from paying taxes to taking taxpayer money in the form of unemployment and food stamps and we have no medical that's all that we have unemployment anymore right in and out with the stimulus bill did is a stimulus bill it made sure that we kept a lot of teachers employed a lot of the boys are going to fire all those fact cops that the president gave a speech if you can call the cops and i applaud and i was actually well i'm happy that the stimulus package happened so the police patrolling my streets and making sure those you might lead us a lot safer was a laser as to get us down to seven percent unemployment to that was promised was the right we do because of that he does not have the stimulus package with a bit of fifteen to twenty percent on these hypothetical doomsday scenarios as i

know it was to call her over jennifer three years now we've got it just one percent why would unemployment ever stop if we didn't do the same there are economists as i just saw this goes back to the argument of the fundamental problem the republicans have they see government spending is a bad thing but every time that we've actually invested in america's great sort of people we have seen on bounding economic growth when the when really when dealing with the inner city was truman did we saw the longest extended period of economic growth when all those bets came home from world war two they got they got a college scholarship they got a chance to buy a house that's how we grew this economy and so we created the middle class and if we want to do it again that's the only way it's going to have i don't think we can or putting your weight because you're cutting your way to growth this is not going to work on this and we're getting the support does not work the reason we're getting this west sequester on discretionary funding which i would agree is the more useful spending in many scenarios is because the left side of the aisle is unwilling to come to the table and that's just not fundamentally on reservoir of how much will you cut out of food stamps that's just not true give us enough you have been willing to actually what we are not appropriate to be unwilling to come

to the table on entitlements and redolent of already been cuts cuts you want to call it a reform we all know how to make it about cutting the increase the real dollars you get. yes want to balance the budget on the backs of people poor people working people and sick people i'm not a red i really think that's funny i'm not a rich guy i'm not looking to balance the budget on poor people i'm a i'm a veteran who served and you know what i believe the defense to hartmut should face some reductions some reforms sequester defense however it is not the poor it's not the one employee said the defense department is what we need to cut in order to balance our budget cut in our defense department tomorrow and you would get rid of our deficit one year's deficit there's not a lot of it passed and they're going to do with the fact they have two wars that is no longer you middle of that a little bit as well with the fact that we've got a lot of people out of work right let's let's move along conservative pack super pac has to to our friend jimmy a little salvia who has been on this program a number of times who runs gopac. g.o.p.

proud. that you know the gay republican group that he's not welcome as the packers sure they do the same thing last year although in previous years i've been going to see that for six years now you know jimmy's always been just fine and he says we got kicked out last year because we're gay nothing has changed we won't be a seat back this year on the other hand wayne la pierre has been invited to speak. richard. you know gays yesterday has to go public and part of the very very small and significant dealing with they have real problems they put out marco rubio to say they were more diverse and they have given speech in spanish but yet still their policies reflect a policy of diverse party they're a pale stale and male party it's just that simple neal. you didn't give me enough time to come up with a rhyme. let me just say that gays are welcome back and that no one is throwing gays out of scope rights not welcome in the past well they're not allowed to buy a booth. of mail because they're. and republican you know that and though the gay

has to exist well the gay lifestyle there are people who have a problem with the gay lifestyle or if you know the problem with duncan who problem with guns but they're invited to see practical see the fact has control piquancy pac has control over. who it invites to their meetings right back into what it was but i think it's shortsighted foolish for them not to allow gopac to have it both my goodness because you draw into this by i'm sorry i don't know the name but they draw more attention to the issue by saying you're not allowed to be let him be here let the let the contrast of ideas exist and let the best ideas went out but i don't think my goal is impossible out i do believe we're a party of big ideas and that can be a bigger tent i don't think it helps the team right there idea well there's freedom freedom liberty oh boy you do that for us it's a good idea it's what our country was founded to do the how do you do that yeah you unleash the potential in one policy suggestion that will bring about more fuel i think when you if you were to actually funding one policy reform and entitlement medicare there is no way i want out of now because if not there are absolutely give

people more choice and more more opportunities in there is let let let his eighty year olds decide which of the insurance companies they want to buy health insurance from with i think conservatives on immigration i think you're going to see more of a concert on a lot of those i'm sorry to the member days on education resolutely how let's have our public schools certainly a model sorta like something i'd like to say about mormonism rules for mailed the least advantageous of our population poor little before eleven dollars money universities out of their moms and called let's give them to always try to. teacher's union every way to make sure that education was the great in boulder no ideals so i would be more and it's not a solution i would compare any conservative republican run school system with the district of columbia which is the wholly owned subsidiary of the democratic party if you want to see what they're running out of any wealthy white school district to any poor black i'll take the poor town that i grew up in tom michelle read comes in

and tries to fix things she's run out of town the some of the most difficult schools in america are in poor white areas yeah and they figure that he will spend his a quest for jay spend money on these schools and they. don't get any results did they work so well in the fifty's and sixty's and seventy's before because they had school prayer tom it took away school prayer a direct correlation as i do a lot of that's what i did tom hartman sure you don't have to go home hartman charlie would get paralyzed this prayer corresponded with his then correspond the other school project correspond with the beginning of the war on teachers you so you're absolutely right to have teachers you have to or not we have to teach we've seen since the thirty's william associations you know yeah you know it's sort of two to one i was part of it off bigotry of low expectations which is still there and i still like it was his and we call it a proposal because you'll get us thirty and i perfectly advocate as a lot of my friends so you know i guess very well thank you very well sorry more of our politics panel after this break.

business. problem. because no one no good school. when you. look what's not enough wealth is a law in the local needs you want a community i lend you most will be used. i don't. give don't don't for artist i was fights about almost fights. fights.

fights well all right. let me let me i want to know why don't you let me ask you a question. here on this network as we're having the debate we have our knives out. the truth is this title just about staying there to get here in this race will be an ideal way to talk about your name and we . welcome back to the politics panel joining me tonight are pete hegseth richard

follower and neil mccabe and let's get back to what the washington at washington d.c. here played over the over this last weekend host of the biggest climate change protest rally whatever you want to call it in the history the united states thirty five thousand people showed up meanwhile in kansas they want to write denial of climate change into the textbooks make this a policy and a rule most americans get of the climate change is real climate change. the problem is that we are polluting our planet at neil you're pulling your paper out of so so deal do we really want our guy cheers to pseudo science to our kids. if you'll allow me to quote from the seventeen line bill i'll just read the middle ten provide information to students of scientific evidence which both supports and counter scientific theory or hypothesis there is those and this is the counter students and developing critical thinking skills to evaluate scientific theories and hypothesis the legislature recognizes that the teaching of certain scientific

topics such as climate science may be controversial the legislature encourages the teaching of such scientific controversies to be made in objective manner with both strengths and weaknesses of scientific theory or hypothesis we do use a legislature recognize that there is a debate about whether you are to face your own nor for i don't know if you have seen average critical thinking by saying there should be a legitimate debate between whether the earth is round or flat because after all any idiot can walk outside all and see what i'll write this if you don't still believe in man made global warming do you i mean is that what we're at right now do you still like body into that after all the after all there is a hockey stick chart you still buy into this listen to i'm assuming you're being facetious but i was a bit uneasy superstorm sandy all the weather regulators we've had all across this country these huge snowstorms global warming is real it's alive it's happening and

i think it's time for people who probably can party or better yet let me rephrase that alec to recognize that and just move on while it gets their money from oil billionaires well i think if you blame snowstorms you know mobile warming you've done it true to say how myopic are we that we look around at the weather and there's trying to present more moisture in the atmosphere right now than there was literally years ago who we're going to fix that we're going to you know we're going to fix that we're going to poke and they're drawing a keystone x.l. pipeline that might just might bring going to do some more you know use of it because that will produce. because that's where they were supposed to go he's thrown into. the worst type of pollution to put on the air possibly stay cold or open venezuela no i don't know how this is. so bad as you are also a heavy oil but it's coming out of the ground it is and you know you're burning to shut you know you're burning sand also as we walk north american oil and energy independent and that was no one notice the long run or whomever you want to have your isn't it no wonder people are going to their oil and of the united states you want to increase our trade deficit and you want to do with canada this hold on when it could not become part of the united states. brilliant brilliant ok i think

you've made my point i mean this is the thing that blows my mind is that i'm kind of you only hearing conservatives you know what our number one export was last year what was the number one export of united states refined petroleum products it we are exploiting so much gasoline and diesel fuel that is driving up the prices here in the united states we see all companies just love and now they want to run this pipeline down to the gulf coast not so that they can supply the united states in fact according to trans canada when this pipeline is finished it's going to increase the price of gasoline in the united states by fifteen to twenty cents a gallon increase because nobody asked about that you bet i don't know if they could produce the transplant in other states again because the gas is going to be exported right now they're saying that they've had this pipeline for fifteen years it stops right now in indiana i know right when you can't predict the price of the over that's it that's a game that i mean the brands are the phantom they have tempted to predict that if you're going to be on the track i just like this whole argument that they think that all the democrats are anti oil there and like that we see where president obama has raised more you know he's released more he's allowed more drilling in the

gulf of mexico what we're saying is that we burning the start of the for the worse than we do our ozone layer work that we do our bodies the work that we do the water that we the water that we drink or the air that we breathe and you want to put more burdensome regulations on us companies well he wants and he should always regulations create jobs jobs for hacks they absolutely do if you're going to tell a coal fired power plant that they've got to put a scrubber on their job here across somebody is going to have to design that's grabber. somebody is going to and they're going to cover for it's all kinds of cool opportunities for for entrepreneurs pam to come up and say. checks actually have their ad that was what happened with gulf a couple years ago i don't understand what's wrong with saying you have to have you have to drill safely well though you know nobody really they go to the drill said you know we don't want to drill you know then you can't say that we're going to we just want to abolish the e.p.a. let those two things really do it if not for possible fuel world yet we want to put you guys just beyond your nineteenth century i don't think i want as much as i want to live in this is a very strong pipeline would compete with warren buffett's railroad and warren

buffett that of the burlington railroad is not shipping oil down to texas for export they've already said that they were there already said they're in the market it really didn't people said they were willing to do it thinking about it but it's not impossible and they just gave a huge ratings or anything just a are you operating who do they just give a huge payday to heinz owned by the wife john kerry's who prize that i suppose i'm going to disapprove the pipeline john kerry i don't know anything about that there's a conspiracy there you go but i don't want twenty three billion dollars and he knows he knows it's bad policy to block the pipeline we'll see how much you caves to three you know this was going to start about christopher dorner there are some questions about who started this cabin fire max blumenthal last night on this program so this. these. deputies were clearly intent on burning him alive

the scanners that i was listening to i was listening to police scanners at the time and i clearly heard the orders deploy the burners referring to some form of pyrotechnic rounds maybe pyrotechnic tear gas but possibly you know hand thrown some hand thrown thermite mixture that can light up a fortified structure to four thousand degrees fahrenheit and they were saying deploy the burners then they said we have deployed the burners we have a. fire quoting a u.s. marshal spokes person who said that the that dorner had tried to rush out of the back of the burning cabin and that he was pushed back inside by swat units i don't know what push back inside means but there is an indication that he had tried to escape and they forced him back into the burning cabin and there's much more ok let me just say for the the record. you know this guy the police had just tried to take this guy alive and he killed one of the cops and wounded another eight killed several other cops i mean it's all alleged but i don't because a lot of dispute about and and i understand if a police department reaches

a point where they say you know it's just not safe to try to take this guy we're going to take him dead i mean we've had snipers around in police departments for decades as a consequence of of that kind of a person that you just you have to take out that's sad the san bernadino to the police department is denying that that's the decision that they made and yet you've got the evidence of the scanners right there what's the deal why are they why don't they just come out and say you know we had to take this guy out he was he you know he was like something out of a bad movie i mean you know we didn't we didn't want to put another officer at risk by let him run around loose if he ran out we were going to shoot him i guess and that's how they pushed it back and shoot at it and you know it i mean i don't take i don't think we should take our tactical critiques from a reporter listen you do a police scanner pushed him back into the room doesn't mean they pushed him back in so they could burn him don't say and i'll go out so i'm not disagreeing with the tactics i'm wondering why the police department refuses to address what was

recorded on their own police scanners where their own officers were ya'll and burn that for and you know just because the tactical risk of going in as explosives or going off as the fire burnt it's not worth no no no no no do you say say that i think they should listen to just society where basically they're probably afraid of something going to trial lawyers are you serious and the teachers and the hack cop such. a rich you're curious your thoughts on this you know i think this is very it is an interesting story overall tom i think you look at the whole entire story and i think you can you go a little bit further to sort of how we got to this point and you know the critiques of the l.a.p.d. which is nothing new we've always heard racial epitaphs undertones from the l.a.p.d. since the rodney king riots and that has not changed i think bad as the broader conversation we have to have in this country about how our. going to merican the latino's and brown people interact with the police although we're all we all agree that this is not the way to react this is the kind of the internet this is not an interesting story this is a guy who went out and killed cops in pursuit of some ideological belief ugly ad

anybody with it certainly was a ruby ridge and i don't hear people screaming out and shooting of the better but i'm asking i'm talking about when you have a broader conversation about real powers minorities and lease off the miss country sure absolutely and that you know him a platform to talk about it in any way and then go on talking about why the need to be well others on earth and point of fact to the p.d. today came out and said that they're going to continue the investigation into the allegations that dorner made whether that means you know we're just going to continue it until nobody's paying attention and then you know go away who knows but we'll see how this all plays out any other supreme court is going to hear a challenge actually did hear a challenge today billionaires came before the supreme court or a multimillionaire certainly had given four hundred thousand bucks to republican politicians in the last year and said hey you know if a corporation is a person and a corporation can give unlimited amounts of money to a political causes why can't i why should human beings be constrained and the

supreme court seemed to this is mr mccutcheon and he says like not i can only give twenty five hundred bucks to a single candidate but you know corporations can you know do whatever they want so you know but i think i'm concerned that we're and i think you would be thrilled to do that considering you know the wealthy individuals who supported the howard dean campaign the guy on the bus at stonybrook stonyfield yogurt a great supporter of progressive causes a public radio eugene you know you know it may be a huge move out of you know that you're billionaires will beat our billionaires and it is a way of i mean really there's be out because you're billionaires when they invest in republicans they're investing in making more billions in cutting their own taxes in our billionaires when they invest in demolitions and they're investing in c i wouldn't be so often and i mean karl rove was sitting on a big pile of money. and probably still is bill is the i guess the what are you going to care the larger question here pete is is is this more money in our political system relieve the solution to

a corrupted little so there is there's plenty of crony capitalism to go along but i'm not going to be happy but it's pretty false to say that of all a liberal billionaires have ideas and principles but republican billionaires i don't they're not of their own but i'm raising himself there's not any labor leaders and there's not any liberal billionaire out there that would object to getting rid of citizens united belike this is a group there's no reason for all this well on a regulated motive at the start of supposed to compete against the new york times and c.n.n. but i mean stream media r t how we supposed to compete against artsy fox news all the same to. the public radio no i mean seriously are you are you are you suggesting that more money in politics is the solution to the problem of too much money in politics i don't know that more money is the solution to the problem but i don't know that money alone is the problem either when you go it is what you have to get a message out in this world when you're running for office and if people who support you believe in you and want to back you in that cause that you know that self is not a bad thing all that is expressed when you've had

a good line up to talk to show that it's on the sea bigger right to make it right he can write that one point five million dollars check for their campaign you have a problem in this country it's not about millionaires and billionaires about who i voted for al it is about the voters that voters determine who the elected officials around me the repeatable first three words that we have so really there's a good person just the billionaire's eight years i was in a boat what's the point of working hard all your life you know you have got to know you know like you have a racket wrap it up richard meale going to be all talking about this tonight much appreciated. coming up the european union is trying to pass new laws limiting how much banks toure's can receive end of the year bonuses certain chance the united states could follow suit.

so. welcome back to the big picture i'm tom hartman coming up in this half hour banks

in europe are freaking out as the european union considers taking away their multimillion dollar bonuses but has europe figured out that the united states has and could we expect to see similar changes on wall street in town soon and over the last decade our government has spent close to five hundred billion dollars developing the latest and greatest fighter jet and the problem project has taken so long that the jet is already out of date isn't it time to cut our losses and reinvest the money in things that really matter like our economy and the survival of the middle class. in the most of the rest of the news europe is starting to get there starting to understand the economies don't function well and you have a few coopted craddock oligarchy at the top making unbelievable amounts of money and screwing everybody else at the bottom for example the swiss are holding

a national referendum next month at work where all top executive compensation to be set by the shareholders of the company if approved it would be the world's strictest law on executive pay currently five of europe's twenty highest paid c.e.o.'s live in switzerland and three of them are americans so far more than one hundred thousand sort of citizens have signed a petition in support of limiting so-called fat cat a voter said the side of the measure early next month but switzerland is just the beginning the entire european union is trying to pass new laws limiting how much banks can receive in and a beer bonuses all talks go well which is unlikely. since the bankers basically own europe the united states the rest of the world the new rules could outlaw any banks or bonuses that outpaced their annual salaries so while europe is actually taking measures to limit just how much money is going to the very very top of the form of lavish bonuses we here in the united states are asking wall street to. pretty

please do something about banks to pay and as you'd expect there novelist for example in two thousand and eleven wall street executive pay rose more than twenty percent even though thirty three of the figure fifty biggest companies on wall street saw a negative share returns and there was a loss of money like citigroup c.e.o. vikram pended made forty three million in two thousand and eleven even though his company's stock price dropped forty four percent so what good can come out of europe if limits on banks are passed and what good can come out of the united states if we follow suit joining me now is marshall our back senior fellow at the roosevelt institute and fellow at economists for peace and security marshall great to see you tom very nice to be with you as always thank you people are trying to justify these massive banks their salaries by arguing that that's what the free market demands is there that much of a shortage on people who can be bankers. know it's a it's

a pretty easy business especially i admit it takes a certain talent to lose a billions and billions of dollars i'll give them that but in a conventional sense it's not a particularly complicated business it's specially considering all the built in subsidies that the government gives you along with the guarantees it's the only business where your your liabilities are effectively guaranteed protected by the government which is to say the deposit base well if that's the case and you know these guys all say that they want to live in a free market world and supply and demand and if there's a long supply of banks hers who are willing to you know who might be like you know kind of low and middle level you know one hundred two hundred three hundred thousand dollars a year bang. and they would just love an opportunity to become a five or ten or fifty million dollar your bank how did the five hundred fifty million dollar and then actually there's a couple there's over a dozen people on wall street who last year made over two billion dollars each how do these guys hang on to this kind of a gig. i think you hinted at it correctly in your previous segment money

controls everything these guys have bought congress and so they've managed to establish ensure there are no rules introduced which actually do interfere with their ability to pay themselves exorbitant amounts of money look i would have no problem with someone making fifty one hundred million bucks if they actually created a product that generated lots of jobs and was with something used by a lot of consumers i mean i don't think for example that millions of americans begrudge someone like steve jobs a high salary because he made a lot of products that people loved and secondly we never bailed out apple but we've got a completely different situation when it comes to the banking sector we we not only provide guarantees but we provide it trillions of dollars to them to bail them out and so for these guys to claim on the one hand free market if they were prepared to go boston lose their jobs from time to time then i would say ok at least you're being consistent but you know for a variety of good reasons in the great depression we put in rules to ensure that banks wouldn't go bust but we also tried to play

a good number of controls in hand after the great depression and they lasted for forty years and were very successful while the kickoff to the great depression the weeks that franklin roosevelt took to you know power was was inaugurated march of one hundred thirty three my recollection not from having been there for you read about it now you don't look at it. is that is that there was that was like the last of the massive bank failures basically all the banks to america close your doors and and and then so and so we actually have an experience of letting banks fail similarily and then in the one nine hundred eighty s. in eighty reagan two when. deregulated the snell's you know that led right to the eighty six claps of the s n l's he not only let many of them collapse he nationalized all of them basically you know and and you know took them over and then reprivatize them over and over the course of the next twenty five years and by

the way it investigated a thousand people six hundred of them to jail so you know why you don't do that anymore right why not. well it's part of the perverse. doctrine this idea that somehow these guys are too big to jail that if you create a situation where you start enforcing the rule of law that you're going to have tremendous crises you'll you'll you'll have a real return of the bad period of two thousand and eight and this is the rationale i totally disagree with that i i believe in the old latin saying you know let them apply the rule of law and let the heavens fall and frankly as you pointed out we have a glorious history nationalizing is a very very weighted word we call the f.b.i. see calls and pass through and they do it all the time with smaller banks and they take them over on friday and monday the. reborn is new banks with new management and we do it all the time that there's no reason why we couldn't have taken this project back in two thousand and eight in fact it's very interesting the swedes in

the early one nine hundred ninety s. and the norwegians both nationalized their their banking sectors and they told me the swedish finance minister told me that they used jesse jones's model roosevelt's model for the reconstruction finance corporation the one nine hundred thirty s. as their learning curve so that that's what they did in that period but we seem to forgotten our history as you pointed out it was a very very successful time for us in terms of how we handled the banking crisis is is there any bright lining in dodd frank with regard to the issue of too big to fail or the issue too big to jail or the issue of executive pay with the banks and wall street is there are parts of it that haven't kicked in or parts of it that haven't been funded or you know that sort of thing that we could look forward to or do we need additional legislation. i think we need a complete restructuring of the banking sector the the problem with with dog frank indeed with all the banking regulation that's come into effect is that you know

banking has become a highly complex highly opaque activity and we continue to accommodate that complexity and we allow the. banks get bigger and bigger and then we try to construct with these very complicated regulations to go around them and then of course the bankers are always one step ahead of the regulations anyway so the regulations get increasingly complex there's no enforcement mechanisms in place and in my opinion the whole direction should be turning towards narrow banking and by that i mean banking is as public utility make it as simple as possible virtually all of the investment banking activities that we have right now should be curbed because they're just socially polluting activities that have no good public purpose of course we're so far away from introducing that but in my opinion that is the direction the true formosa taken and you know if these hedge funds are investment banks you know want to play around in there at toxic derivatives and they blow up that's fine but they don't get a dime from uncle sam i'm with you. franklin roosevelt suggested a job should be a right not a privilege and that the best welfare program was

a job and you know that if the if capitalism was going to fail if the private sector if the if the so-called free market was not able to provide jobs to people then it was the obligation of government to step in and do so and he actually did that with the with the c.c.c. the new deal and brought us out of the great depression thereby what are your thoughts on saying that again the argument that the m.m.t. folks make that you know one of their principle arguments that government should as part of life liberty the pursuit of happiness should be the right to a job in the government should be the employer of last resort i completely concur with that and actually it's it's a very good policy what we're trying to do is create a situation whereby you have a pool if you like of shovel ready labor that's ready to go back into the private sector because it's been given the chance to continue to work in the interim period you don't want to have these people on the dole for

a long period of time in the unpaid get receiving unemployment insurance where their skills start to road where you have all sorts of negative pathologies like breakdowns of family. alcoholism and where their skill sets are subsequently eroded at least if they continue to work it and most people want to it helps them retain their self-respect is in the regiment and you know the argument his well you know you get another government bureaucracy but you can easily use the existing bureaucracy that say used to administer unemployment insurance food stamps welfare and introduce that to two for the program a government employee or as a last resort i don't think it's particularly complicated and i think it's something that society would accept because i think generally americans prefer people who work rather than receive welfare now they are going always says well you're going to you know blame the victim they don't really want to work there's gamblers who want to take advantage of the system and my point and i think many in the m.m.t. crowd it would say is ok let's find out how much of this employment actually is

involuntary how many people do not want to work let's stand in there and offer anyone a job who is willing and able to work and then we'll find out what the real unemployment rate is now and i think the involuntary or versus the voluntary employment rate and we'll be able to construct better policy on that basis haven't we seen that during periods of very very tight employment like here and ninety's yeah absolutely and you know the answer to that question is yes that well yeah exactly and but the reason why a lot of businesses don't like it is that the dirty little secret is that many of them prefer a pool of unemployed labor because they can use that as a sort of implied threat you know if you will you know to to you know if you look most wages from the vast majority of americans have remained stagnant since the one nine hundred seventy s. and that's generally because we haven't pursued policies to generate full employment we we allow a residual mountable of labor more than a residual you know higher than i think justified rates of unemployment and and through that we manage to drive down wages and you have as a result this huge transfer of capital from labor to the capital it's absolutely

marshall our back brilliant analysis thanks so much for being with us tonight thanks tom it's always a pleasure to be with. thank you after the break america is home to the most expects expensive but weapons program in the history of the world and it's getting more expensive literally by the minute is it time to say enough is enough to the fighter jet of the future and instead make smarter investments in our economy and the american middle class.

technology innovation all the developments from russia. the future covered. we are facing a lot of problems you know. because no one. school. what's not going up up is a law in the local needs you want to. be. done for me. i was fired i must fight. i'll fight for. the right.

mission and free the cretaceous three sons four charges free arrangement free. three stooges free. download free broadcast quality video for your media projects and free media to our teeth dot com. wealthy british style. market why not. come to. find out what's really happening to the global economy with mike's cancer for

a no holds barred look global financial headlines tune into kinds a report. and welcome back today cat food commissioners alan simpson and erskine bowles poor. a new so-called deficit reduction plan you might remember that paris served on president obama's fiscal commission in two thousand and ten and presented a plan to avoid the so-called fiscal cliff a plan that was so focused on austerity that three hundred fifty economists co-wrote and published a letter rejecting it now simpson bowles are at it again or in the wall street journal a new plan will aim to reduce the deficit by two point four trillion dollars over ten years and includes six hundred billion dollars in spending cuts to programs like medicare and medicaid that's two hundred billion dollars more in cuts than obama said he's willing to accept in any plan. so this new austerity plan is even

worse than the first and no nation in the history of the world has ever cut its way to prosperity so let's not listen to these guys who are more focused on collecting nice speaking fees and corporate junkets and doing what's actually right for our economy. just. it's the good the bad of the very very. sickly ugly the good david at pac is one of several farmers in upstate new york to install solar panels to meet to help lower the cost of maintaining a farm spike cost one hundred thousand dollars to install back things that he's already saved at least ten thousand dollars in energy costs just in the past year areas talking about his energy and cost efficient. well it's it's just it's not. like it's an interesting. thing is going to run because it

has a p.c. business to make it. so solar power is clean energy efficient and it keeps more money in your wallet compared the visual forms of energy to the federal government to make switching to renewable sources of energy like solar power a national priority the bad all around pizza and deli the virginia beach pizza shop is offering a fifteen percent discount to any customer who walks in packing heat or at least carries a concealed carry permit proving that they can pack heat whenever they want to the owner of a pizza shop eighty percent of his customers are now bringing guns into his restaurant one customer even came in with an a k forty seven is nothing says family pizza like dining next to a table survivalists armed to the teeth on the bright side as wayne la pierre of the n.r.a. descend into irrelevance always have a pizza job. pizzas in virginia but they can all back. and the very very

ugly b.p. today b.p. vowed to fight the us government in court claiming that the four and a half billion dollars in fines they received stemming from the gulf oil spill are too excessive b.p. says the government estimates of four point nine million barrels spilled are too high it was really only three point one million so here's a question for b.p. how much is the human life work or how much your eleven human lives eleven people died on your exploding oil rig b.p. and countless thousands of others lives were ruined by your destroying the look in the gulf local economy and now you want to go over fines drop it b.p. is lucky there aren't a bunch of b.p. suits in jail for manslaughter that is very very.

crazy alert hot or not is the question i want to start by showing you two pictures this is a natural marijuana plant leaf that is far safer for you to consume than alcohol but remains illegal in forty eight of our country's fifty states and this is a leaf from the ohio buckeye treat it's the logo for the ohio state university buckeyes athletic teams in one of those states ohio that says marijuana is illegal and this leaf is on all things ohio state like this t. shirt you see a difference between the two leaves. most people can but the cops in tennessee can't police clad in body armor pulled over an elderly couple in tennessee after seeing what they thought was a marijuana promoting bumper sticker on the car the elderly couple that explain to the paranoid police officers turned to a freedom of speech squash years. at the sticker displayed paid fuck i leave

because they were ohio state fans that the officers still ordered the couple to remove the buckeye sticker i know it's worse here bigger than an elderly couple in my view promoting marijuana because they have some sort of secret drug ring been in the business in their basement or thinking that freedom of the speech doesn't exist and you can order people to take bumper stickers off their profs it's bizarre rumor has it last week the same officers pulled over another car after thinking that a coca-cola bumper sticker was actually a secret cocaine marketing ploy. this is another story about political dysfunction in washington d.c. say hello to the f. thirty five joint strike fighter program we have thirty five joint strike fighter is one of the costliest weapons programs in human history each plane caused more

than ninety million dollars and the project has taken more than a decade the price tag of the entire program is nearly doubled since two thousand and one coming in at a staggering three hundred ninety six billion dollars and thanks to a number of production delays and safety concerns that price tag still rising. when you combine the price tag of the program with government accountability office estimate the estimated operating and maintenance costs of the planes total cost of the program reaches over one trillion dollars and here's the really tragic an absurd part of the story thanks to the decade of delays the technology in the f. thirty five once thought to be the best of the best is now outdated if thirty five program is one of several in the current pentagon budget it's stuck in the last century has failed to adapt to changes in modern day warfare yet pentagon officials

like current secretary defense leon panetta are still pushing for nearly twenty five hundred of these absurdly expensive an already obsolete f. thirty five joint strike fighters at a press conference in ottawa canada last spring put out of told reporters that as part of a defense strategy that the united states went through and is put in place we've made very clear that we are one hundred percent committed to the development the f. thirty five is a fifth generation fighter and we absolutely need it for the future but panetta didn't point out is that over the course of the f. thirty five program the world has changed the f. thirty five is supposed to be the future of u.s. tactical air power but the fact is the entire program is a relic of the cold war which is over rather than face the current threats of today like cyber warfare we continue to pour billions a trillion dollars into the bottomless pits of projects like the f. thirty five. on march first if lawmakers fail to reach a new federal budget deal the automatic sequester cuts go into effect under these

cuts a variety of federal agencies and programs are going to lose funding including the pentagon if those sequester cuts go into effect the pentagon will be facing more than five hundred billion dollars in spending cuts q republican war hawks like senator lindsey graham appearing on fox news sunday over the weekend graham said that we can't afford to make cuts to our military and offered up another way to save money there look. all i can say is the commander in chief. came up with the idea of sequester ation destroying the military and putting a lot of good programs at risk here's my belief let's take obamacare and put it on the table and you can make eighty six thousand dollars a year in income and still get a government subsidy under obamacare macarius are storing health care in this country people are leaving the private sector because their companies can't afford to offer obamacare if you want to look at ways to find one point two trillion in

savings over the next decade let's look at care less don't destroy the military and just blindly across the board there maybe he's wrong and he's blue instead of taking health care away from millions of americans like graham would like to see happen lawmakers in washington should instead kill the zombie of the f. thirty five the pentagon is facing five hundred billion dollars in budget cuts if the sequester goes into effect and amazingly that's about the amount left in the pentagon budget for the f. thirty five the fact of the matter is eliminated in the f. thirty five joint strike fighter program really won't put a dent in america's military power as congressman justin amish of michigan one of the few republicans in favor of defense cuts put it quote we are spending maybe forty five percent of the world's budget on defense if we drop to forty two or forty three percent. would we be suddenly in danger of some kind of invasion. obviously the answer is no we wouldn't be but it would put

a dent the wallet of america's war profiteers which really concerns the republicans who are heavily funded by them you know people like senator lindsey graham and they sure can't afford to fund graham and his congressional buddies in the past ten years the defense industry has seen record profits in two thousand and eleven the combined profits of the five largest u.s. based contractors were staggering thirteen point four billion dollars and despite going through a recession the devastated both families and businesses across the country the defense industry is still making record profits f.d.r. said during world war two that quote i don't want to see a single war millionaire created in the united states as a result of this world disaster but in this new age of never never ending war war profiteers are cashing in like never before glance across the potomac from our nation's capitol and you'll see virtual castles thirty and forty room mansions in

secure gated communities along into the executives and lobbyists of today's war profiteers and thanks to these war profiteers the republican war hawks they own it seem grained in the american psyche that any decrease in military spending means an automatic increase in the danger that americans face in their everyday lives america has finally fulfilled president eisenhower's warning in his famous one nine hundred sixty one farewell address. and account to live government leaving the car guard against the acquisition of a minute influence whether sones on by the military industrial complex the potential for the disastrous rise of misplaced power exists and liberties it. we must never let the weight of this combination in danger our liberties our democratic process. america is the strongest military power in the world and

that's not going to change anytime soon while our defense contractors are prospering working people across america are hurting schools and infrastructure are in shambles we're slipping behind the rest of the developed world in virtually every available measure of national health and wealth. it's time to ground the f. thirty five joint strike fighter program and other wasteful defense spending projects for good and use that money to rebuild our economy and to rebuild us that is a true investment in our future security. and that's the way it is tonight tuesday feb nineteenth two thousand and thirteen more information check out our website dot com for speech dot org dot com and hulu dot com slash big picture and don't forget the mocker see begins with you get out there and get active occupy cell phone tag you're it suitable.

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for. the more. disobey. the law. such. lisping i'm explaining i've explained.